Moneycontrol
Last Updated : Dec 01, 2018 02:09 PM IST | Source: Moneycontrol.com

Planning your retirement? Make sure you avoid these mistakes

It's never too early to prepare for retirement.

Moneycontrol News @moneycontrolcom
An effective retirement plan will help you sustain your lifestyle even after you stop receiving a regular income. The standard retirement period is 15-20 years. Take a look at six common mistakes people make when planning for their retirement.
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An effective retirement plan will help you sustain your lifestyle even after you stop receiving a regular income. The standard retirement period is 15-20 years. Take a look at six common mistakes people make when planning for their retirement.

1. Not planning early enough: Start saving for your retirement as soon as possible. Don’t wait till your 30s or 40s.
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1. Not planning early enough: Start saving for your retirement as soon as possible. Don’t wait till your 30s or 40s.

2. Ignoring the inflation rate: Choose investments and plans that factor in inflation.
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2. Ignoring the inflation rate: Choose investments and plans that factor in inflation.

3. Living life too large: Inculcate the habit of saving from a young age.
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3. Living life too large: Inculcate the habit of saving from a young age.

4. Not updating your retirement plan: Make sure you update your retirement plan regularly according to changing circumstances.
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4. Not updating your retirement plan: Make sure you update your retirement plan regularly according to changing circumstances.

5. Not choosing the right government and private schemes.
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5. Not choosing the right government and private schemes.

6. Not investing in good healthcare schemes: Invest in good healthcare schemes so that you don’t use up your retirement fund.
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6. Not investing in good healthcare schemes: Invest in good healthcare schemes so that you don’t use up your retirement fund.

First Published on Dec 1, 2018 02:09 pm
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